RRSP contribution limit

Last updated: January 16, 2024

What is the RRSP deadline for 2023?

The RRSP deadline for 2023 is February 29, 2024.

Why contribute before the deadline? RRSP contributions made before the deadline can help lower your taxable income, which may result in a tax refund after you’ve filed your 2023 taxes.

What if you miss the RRSP deadline? You can still make RRSP contributions, but your contributions won’t be tax-deductible for your 2023 return. You will have to wait until you’ve filed your 2024 taxes.

Key RRSP contribution limit numbers you need to know

 

 

 

Your maximum RRSP contribution limit for 2023 is

18%

of your earned income from the previous year OR

$30,780

whichever is lower.

 

Age when you can no longer contribute to an RRSP is the end of the year you turn

 

 

71

How much can I contribute to an RRSP?

There is an RRSP deduction limit that determines how much you can contribute to an RRSP. You’re allowed to contribute up to 18% of your previous year’s earned income, up to a maximum amount set each year by the Income Tax Act and Regulations. You can also carry forward any unused contribution room from previous years.

RRSP contribution limit room

Year

RRSP contribution limit

2024

$31,560

2023

$30,780

Year

RRSP contribution limit

2022

$29,210

2021 $27,830

2020 

$27,230

2019 

$26,500

2018

$26,230

2017  $26,010
2016 $25,370
2015 $24,930
2014 $24,270
2013 $23,820
2012 $22,970
2011 $22,450
2010 $22,000

How much RRSP room do I have?

How much RRSP room you have can depend on several factors including: 

  • How much unused contribution room you have from previous years 
  • Whether you contribute to a pension plan
  • Whether you’ve over-contributed in previous years
  • Your earned income from the previous year

Learn more about how much you can contribute to an RRSP

The recommended way to determine your RRSP contribution limit is to review the Notice of Assessment (NOA) that the Canada Revenue Agency (CRA) sends to you each year. The NOA is sent to you after processing your tax return. Your contribution room will subtract any pension amounts you contributed last year and add any unused contribution room from previous years.    

You can also sign in to your CRA account to view your limit on your Notice of Assessment

What happens if I overcontribute to an RRSP?

An excess contribution or over-contribution occurs when you contribute more to your RRSP (or spousal RRSP) than your deduction limit. 

  • If you overcontribute by $2,000 or less: There is no tax penalty, but you can’t deduct the excess contribution from your taxable income.
  • If you overcontribute by over $2,000: There are tax penalties, and you may need to pay 1% tax per month until the overcontribution is removed.

Note: if you don’t remove the overcontribution from you RRSP within the year, it will reduce the amount you can contribute the following year.

Learn how to fix an RRSP or TFSA over-contribution

RRSP contribution age limits

Is there a minimum age for contributing to an RRSP?

Under the Income Tax Act, there’s no minimum age for contributing to an RRSP – if you have available contribution room 

However, your age can mean there are some restrictions to how you contribute or use an RRSP:

  • Only RRSP holders aged 18 and over can make an excess contribution (limited to $2,000). 
  • Some financial institutions also have product and investment restrictions. For example, you can’t hold a mutual fund in an RRSP until you reach the age of majority in your province. 
  • Provincial laws have age requirements for owning property so you may not be able to use the Home Buyer’s Plan from your RRSP as a minor.

Connect with a Sun Life advisor for more detailed information

Is there a maximum age for contributing to an RRSP?

The end of the year you turn age 71 years old is the last day that you can contribute to any RRSP that you own. After that day, you can no longer own an RRSP, much less contribute to one. 

However, you may contribute to your spouse or common law partner’s spousal RRSP if they’re a year or more younger than you, until the end of the year they turn age 71 (this is provided you have available RRSP contribution room).

Learn more about spousal RRSPs

Start contributing to an RRSP today

Life looks different. With our advice, your registered retirement savings plan (RRSP) can too. Connect with a Sun Life advisor about making the most of your RRSP. See the Sun Life difference.

To find an advisor near you, enter your postal code:

Already have an RRSP with Sun Life?

Sign in to my Sun Life to access your account.

Sign in

Available self-serve features depend on your account, contract or policy.

More RRSP contribution FAQS

Who can make an RRSP contribution?

Anyone who can open an RRSP can make an RRSP contribution - until the end of the year they turn age 71.

Non-residents of Canada: If you have unused RRSP contribution room from the period prior to becoming a non-resident, you can still open an RRSP and make a contribution. If you are a non-resident of Canada, talk to a tax specialist to determine if contributing to an RRSP makes sense for you.

What if I can’t contribute the full amount allowed?

You have a couple of options if you don’t have the cash on hand to contribute the full amount you’re allowed: 

You're allowed to carry forward any unused contribution room indefinitely. It simply gets added to next year’s RRSP contribution limit.

Talk to a tax specialist to determine how best to contribute to an RRSP.

When can I make RRSP contributions?

If you have contribution room, you can contribute at any time – either in a lump sum or by making periodic contributions throughout the year.

Contributions made in the first 60 days of the year can be used towards the previous year’s or current year’s contribution amount. The date usually falls around the end of February or beginning of March of the following year.   

Get RRSP contribution advice from Sun Life

Need more RRSP contribution advice? A Sun Life advisor can help.

To find an advisor near you, enter your postal code.

Read more about RRSPs on Sun Life